Los Angeles County - News from Oct. 24, 1994

Glendale Fed Annual Meeting: Glendale Federal Bank is still considered a “problem institution” by federal regulators, and it will be up to Chief Executive Stephen J. Trafton to chart the course for recovery at the savings and loan’s annual shareholders meeting Tuesday. The Glendale-based S&L; averted government seizure in September, 1993, by undergoing a $451-million recapitalization. Since then, it has shed all of its out-of-state operations and $430 million in non-performing assets. But $590 million in non-performing assets remain, and the S&L; can’t hire executives, pay dividends or make any major deals without approval from still-wary regulators. The meeting begins at 10 a.m. at the Red Lion Hotel, 100 W. Glenoaks Blvd., Glendale.